REC ASA - Primary insiders transactions

Sandvika, July 7, 2009; With reference to the ongoing rights issue announced on May 19, 2009, the following primary insider transactions will be undertaken:
 
Primary insider Ole Enger (President and CEO of REC) has subscribed to 689 new shares according to all the subscription rights received. After this transaction, Enger and related parties hold 2,689 shares in REC.
 
Primary insider Tore Torvund (Executive Vice President - REC Silicon) has subscribed to new 1,379 new shares according to all the rights received. After this transaction, Torvund and related parties hold 5,379 shares in REC.
 
Primary insider Ingelise Arntsen (Executive Vice President - REC Wafer) has subscribed to 2,156 new shares according to all the subscription rights received. After this transaction, Arntsen and related parties hold 8,411 shares and 25,507 options in REC.
 
Primary insider John Andersen, Jr. (Executive Vice President - REC Solar & Group COO) has subscribed to 47,407 new shares according to all the subscription rights received. After this transaction, Andersen and related parties hold 184,890 shares and 20,123 options in REC.
 
Primary insider Bjørn Brenna (Executive Vice President & CFO) has subscribed to 12,907 new shares according to all the subscription rights received. After this transaction, Brenna and related parties hold 50,348 shares and 25,507 options in REC.
 
Primary insider Jon André Løkke (Senior Vice President & Investor Relation Officer) has subscribed to 31,237 new shares according to all the subscription rights received. After this transaction, Løkke and related parties hold 121,832 shares and 11,731 options in REC.
 
Primary insider Einar Kilde (Executive Vice President - Projects) has subscribed to 224 new shares according to all the subscription rights received. After this transaction, Kilde and related parties hold 874 shares and 24,064 options in REC.
 
Primary insider Kristine Ryssdal (Senior Vice President - CLO) has subscribed to 174 new shares according to all the subscription rights received. After this transaction, Ryssdal and related parties hold 679 shares and 20,454 options in REC.
 
Primary insider Unni Iren Kristiansen (Employees elected representative to the Board) has subscribed to 691 new shares according to all the subscription rights received. After this transaction, Kristiansen and related parties hold 2,696 shares in REC.
 
Primary insider Rolf Birger Nilsen (Employees elected representative to the Board) has subscribed to 174 new shares according to all the subscription rights received. After this transaction, Nilsen and related parties hold 679 shares in REC.
 
Primary insider Lena Beate Lorentzen (Deputy employee elected representative to the Board) has subscribed to 74 new shares according to all the subscription rights received. After this transaction, Kristiansen and related parties hold 288 shares in REC.
 
Primary insider Erik Sauar (Senior Vice President & CTO) has subscribed to 56,296 new shares and intends to sell 68,800 of his subscription rights. After this transaction, Sauar and related parties hold 424,259 shares and 17,145 options in Renewable Energy Corporation ASA.
 
Primary insider Svánaug Bergland (Senior Vice President - Organizational Development & Corporate Communications) intends to sell all of her 4,159 subscription rights. After this transaction, Bergland and related parties hold 12,064 shares and 15,641 options in REC.
 
The allotment of potential oversubscription by primary insiders will be done on or about July 17, 2009, and will subsequently be announced.
 
 
About REC
REC is the leading vertically integrated player in the solar energy industry. REC Silicon and REC Wafer are among the world's largest producers of polysilicon and wafers for solar applications, and REC Solar is a rapidly growing manufacturer of solar cells and modules. REC Group had revenues of NOK 8,191 million and an operating profit of NOK 2,529 million in 2008. About 2,500 employees work in REC's worldwide organization. Please also see www.recgroup.com.
 
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This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be offered or sold in the United States absent registration or an exemption from registration as provided in the U.S. Securities Act of 1933, as amended. The Company does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Copies of this announcement are not being made and may not be distributed or sent into the United States, Australia, Canada, Hong Kong or Japan.